Ilustrated Photo: Elon Musk in front of SEC Emblem
SAN FRANCISCO (APRNEWS) - A federal judge on Thursday signaled readiness to compel Elon Musk to testify again in the U.S. Securities and Exchange Commission (SEC) investigation into his $44 billion acquisition of Twitter.
The billionaire's lawyers appeared in a San Francisco court on Thursday to urge District Judge Jacqueline Scott Corley to rule against the SEC, which seeks to force Musk to testify as part of its probe into his 2022 purchase of the social media giant.
Another judge had previously ruled in favor of the agency.
The SEC sued Musk in October to compel the CEO of Tesla and SpaceX to testify after he refused to attend an interview in September for the investigation, stating that the SEC was trying to "harass" him with a series of subpoenas.
"I don't think the subpoena to testify is unreasonable. What I don't know is why the testimony has to be in an SEC office," Corley said at a hearing in the United States District Court for the Northern District of California.
The investigation pertains to whether Musk violated federal securities laws in 2022 when he purchased Twitter shares, which he later rebranded as X. It is also reviewing statements and SEC filings he made regarding the deal, the agency previously stated.
In 2022, Musk provided documents to the SEC for its investigation and also testified via video conference during two half-day sessions in July of that year, as stated by the SEC in court documents. The agency's lawyers have said they have more questions for Musk after receiving new documents and have sought additional testimony.
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